On January 30th, Ripple released the company’s Market Report for the 4th Quarter of 2022. The past yeast has been devastating for the crypto market as a whole. For the entirety of 2022, the entire crypto industry lost over $2 trillion in value due to bad macroeconomics and other negative factors.
The report shows a decline in XRP sales compared to the 3rd quarter of the same year. But with the US Securities and Exchange Commission lawsuit expected to see some closure, this market report might hint that things are going for the better for XRP holders.
The Gist Of The Ripple Market Report
According to the market report, the last quarter of 2022 saw the general decline of the XRP spot market. Average daily volumes, a metric of how much was transacted at a certain period in time, saw a decline from $1.1 billion to only $700 million. This represents a 36% decrease in overall average trading volume.
On-demand liquidity, Ripple’s cross border transaction product, saw continued growth even though significant market headwinds exist. ODL related sales rose from $2.8 billion to $2.9 billion, representing a nearly 4% increase in the usage of the product.
However, net sales on the platform has decreased by a small margin. From Q3’s $310 million to to Q4’s $226 million which represents 27% decrease sales figures.
At $0.41, What’s Next For XRP And Ripple?
XRP is currently trading at $0.41, down 0.7% in the last seven days, data from Coingecko shows. In the last 24 hours, the coin has moved up 3.4%.
XRP has been battered by the result of the SEC lawsuit. But with LBRY’s LBC token sales being officially recognized by the commission as not a sale of securities, we might be able to see a correlation of what may happen to XRP in the near future.
XRP total market cap at $21 billion on the daily chart | Chart: TradingView.com
As of now, February 1st, investors and traders should be optimistic about XRP’s future as the market report shows a healthy adoption in the realm of ODL.
If Ripple wins in the lawsuit, we can expect XRP to break through $0.43 resistance in the medium to long term. The token also has significant correlation with major cryptocurrencies which can help it reach its goals in the long term.
For now, investors and traders could enjoy an optimistic market with the target $0.5 being the medium term target with $0.65 long term target
Featured image from MEXC Blog
